Fannie and Freddie Offer Breaks to Homeowners in Path of Superstorm Sandy, After Pushing to Foreclose Faster on Same Areas

By: Wednesday October 31, 2012 10:00 am

Well, now we know what it will take to put a stop to the foreclosure crisis – a massive storm affecting the entire Eastern seaboard. For homes in that area at risk of foreclosure, Fannie Mae and Freddie Mac will offer a small bit of mortgage relief: The government-controlled mortgage finance giants said Tuesday that [...]

Breaking Down DeMarco’s Brookings Speech on Principal Reduction

By: Tuesday April 10, 2012 8:41 am

Ed DeMarco, the Acting Director of the Federal Housing Finance Agency for the past three years, will deliver a speech today at the Brookings Institution that leans in the direction of allowing principal reduction on Fannie and Freddie-backed loans in certain cases. This is definitely a crack in the otherwise rigid objection to principal reduction [...]

Foreclosure Fraud Settlement Docs (II): Giving Homes to Charity as a Penalty

By: Tuesday March 13, 2012 8:37 am

Here’s the second installment in the review of the foreclosure fraud settlement documents. Exhibit D in this document lays out the menu for credits toward the settlement. When we talk about credits, the federal government and state AGs want you to assume that means a set amount of principal reductions that the banks will grant. [...]

Another Failed Housing Program: Hardest Hit Fund Pays Out Just 2% in 16 Months

By: Saturday March 3, 2012 8:56 am

One of the responses you often get from official sources about the failed HAMP program is that it was but one of a string of programs implemented using TARP funds to help homeowners. So just because HAMP has used barely $3 billion of the $50 billion in available funds, that’s not a full picture, because [...]

Administration Says “No We Really Mean It This Time” on Foreclosure Mitigation

By: Tuesday January 17, 2012 2:10 pm

So this is kind of funny: the White House is telling its allies that they will “take a more aggressive role” to protect homeowners this year. First off, we have had a crisis in housing and foreclosures every year of the Obama Administration. By stating that they will be more aggressive this year, the White [...]

HUD Pushes Another Small Program to Extend Forbearance for Distressed Homeowners

By: Thursday July 7, 2011 8:50 am

The Obama Administration has rolled out a series of small initiatives designed to help borrowers facing foreclosure. They supplemented the Hardest Hit Fund with the Emergency Homeowner Loan Program (ELHP), designed to use $1 billion to give no-interest loans of up to $50,000 to distressed borrowers who have suffered from unemployment, underemployment or medical catastrophe. [...]

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